Low housing inventory drove sales down and prices up in September, according to a report from Illinois REALTORS®.
In September, 21,256 homes were for sale statewide, reflecting a 28.5% decrease year over year. In turn, the number of homes sold dropped 17.4%, with a total of 11,483 homes sold, and the median price rose 6.5% to $270,000.
In the Chicago metro area, the picture was similar. Sales were down 18.6% with 7,608 homes sold and the median price was $325,000, up 6.6%.
Within the city proper, 1,830 homes sold, an 11.3% decrease, while the median price inched up 1.4% to $324,450.
Illinois media sales price and inventory
Looking further back to the summer, Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois Chicago College of Business Administration, said prices are continuing their usual seasonal decline from a June peak. “However, they remain much higher than at this time last year,” McMillen said in a press release. “Our forecasts indicate that prices will continue to decline somewhat over the next three months, while remaining higher than at this time last year. The number of sales remains low and is forecast to decline further over the next three months.”
Illinois REALTORS® President Matt Silver also offered some analysis. “The state’s housing market is struggling with continued low inventory and issues of affordability,” Silver said. “We need policymakers to understand that and work with us to increase housing availability. Imposing burdensome regulations and increasing taxes on property sales, purchases or ownership arbitrarily will only damage this fragile market.”